Prices plummet in michigan as foreclosures hurt region

Homes prices in the U.S. state of Michigan are continuing to crash despite reports of an improving market, with properties values in the Detroit metro area down by 9.7% year-on-year in 2011. And in the fellow former automotive city of Flint, prices are down by a massive 24%.

“We still have foreclosure issues and that's hurting us,” Westland assessor James Elrod told OPP. “The more stable communities are more affluent and rebounding quicker.”

Around the Detroit area last year, there was a 10.1% decrease in Wayne, a 14.7% drop in Garden City and 16.3% fall in Inkster. Livonia saw a 4.2% decrease in residential property values and Canton saw things go down by 2.5%.

Source: OPP.org.uk